It is a great pleasure that Media Popup, a portable multimedia center, is to be marketed in the US. This fact can provide GlobeMedia with essential benefits, but it is necessary to choose the right market segment to reckon on any advantages. Thus, the purpose of this business memo is to present the Media Popup targeting market to ensure that the company will obtain revenue from providing its product.
It is worth mentioning that Media Popup is designed for a consumer (B2C) market with a few distinct features. Firstly, individuals do not typically have large sums of money at their disposal. Secondly, Bhasin (2018) admits that consumers buy products at the same price without negotiating specific terms. Finally, this market is convenient for all sides because it implies simple procurement procedures.
Within the stipulated market, it is necessary to select its particular segments. According to Lamb, Hair, and McDaniel (2018), it is reasonable to choose a multiple-variable base because this approach is more precise. As for the portable multimedia center, GlobeMedia should focus on demographic segmentation because this useful information can be easily identified and analyzed. In this case, age and income are the leading segmentation descriptors. On the one hand, the age variable is essential because it predicts what products’ features will attract clients’ attention and influence their decisions. On the other hand, an income level means whether clients will have the ability to purchase a specific product.
The information above allows supposing that the Millennials from a middle-income segment is Media Popup’s target market. It is so because Lamb et al. (2018) admit that this population is the most technology-proficient group, meaning that they would draw attention to the portable multimedia center. These individuals are also pragmatic, which denotes that a subscription to streaming movies, music, and videos for two years will be attractive for them. Finally, the company should consider reaching this group because it represents approximately one-fourth of the US adult population (Lamb et al., 2018). As for the income level, the middle class is the most widespread, which will help the company reach more customers. Simultaneously, Media Popup’s price of $499 is high for the lower class, while high-income customers focus on luxury brands and costly products. The information above justifies why the middle-class Millennials are the target audience for Media Popup.
Finally, it is reasonable to identify a marketing mix that refers to product, place, promotion, and price. According to the Grand View Research (2019), portable multimedia devices are valued based on their quality, portability, and flexible storage capacity. Thus, Media Popup has decent quality and sufficient portability features. As for the place, it is rational to distribute the product offline because this sphere covers 77.22% of this market segment (Grand View Research, 2019, para. 7). Since there are no established price points in the market, it is possible to mention that Media Popup is middle-priced. As for promotion, both television and the Internet are suitable because the Millennials are active users of the two.
In conclusion, GlobeMedia can witness significant success from bringing its Media Popup to the US market. It will be possible if the company manages to reach the market segment of the middle-income Millennials. These individuals are technology-proficient and pragmatic, meaning that the given portable multimedia center attracts their attention. Furthermore, the identified market mix has demonstrated that Media Popup is reasonably priced, useful for offline sales, and can be promoted through television and the Internet.
References
Bhasin, H. (2018). Difference between business markets and consumer markets. Web.
Grand View Research. (2019). Portable media player market size, share, & trends analysis report by media type (audio, video), by distribution channel (offline, online), be region, and segment forecasts, 2019-2025. Web.
Lamb, C. W., Hair, J. F., & McDaniel, C. (2018). MKTG 12: Principles of marketing. Boston, MA: Cengage Learning.